If you have been disappointed in the local news coverage, which has seriously declined in recent years, it is probably going to get worse with the purchase of the Capital-Gazette and other papers by Alden Global Capital.
New York-based hedge fund Alden Global Capital – known for slashing its newspapers' budgets to extract escalated profits – won shareholder approval Friday for its $633 million bid to acquire the Tribune Publishing newspaper chain.
The purchase represents the culmination of Alden's years-long drive to take over the company and its storied titles – including the Chicago Tribune, The Baltimore Sun, Capital-Gazette, New York Daily News and major metro papers from Hartford, Conn., to Fort Lauderdale, Fla.
Alden's reputation as a "vulture" fund had set off a frantic effort by union members in Tribune Publishing newsrooms. Their organizer, Baltimore Sun education reporter Liz Bowie, dubbed the effort "Project Mayhem." The journalists tried to secure potential buyers in numerous Tribune markets who embraced the public-minded aspirations of journalism, including the Maryland philanthropist and hotel magnate Stewart Bainum Jr.
You can read the rest of this article at: https://www.npr.org/2021/05/21/998730863/vulture-fund-alden-global-known-for-slashing-newsrooms-buys-tribune-papers
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